Hello REALTORS®, The local government scene has been quieter than normal, but that is because most of our cities are planning for elections on November 7.  Every city in the Western Upstate except two—Anderson and Clemson—will hold elections in less than two weeks.  Later this week we will send you a Voter Guide in a separate email. Local city councils are legislating, but their agendas have been light with a couple of notable exceptions. Clemson’s Planning Commission considered an ordinance this month to require guest cottages, commonly called accessory dwelling units, to be reviewed and approved by the Board of...

Hello REALTORS®, Last week, Realtors from South Carolina, North Carolina, Tennessee, and Kentucky gathered in Savannah for a unique event—the NAR Region IV Conference.  The highlight of the conference, at least from the perspective of a wannabe economist like me, was Dr. Lawrence Yun’s 2024 forecast. Interest rates have had a negative effect on real estate.  Residential and Commercial Realtors are feeling it.  Yun’s forecast was focused on residential, but he signaled better conditions for commercial real estate as well. To set the table, Yun observed that mortgage rates are about 1% higher, compared to bond rates, in anticipation of...

Hello REALTORS®, Fortunately, the Federal government didn’t shut down on September 30.  Former House Speaker Kevin McCarthy struck a deal with Democrats to fund the government until November 17.  That deal included a short-term reauthorization of the National Flood Insurance program as well.  And then the House members removed McCarthy as Speaker of the House. There has been plenty written about all of that in the media, so I won’t dwell on it here.  What comes next, however, is that a new Speaker must be selected.  Until then, the House cannot conduct business.  That includes funding the Federal government, and...

Monthly Indicators National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR). New Listings were up 1.2 percent to 685. Pending Sales decreased 7.2 percent to 466. Inventory grew 9.0 percent to 1,615 units. Prices...